本文將原始泰勒法則加入部份調整機制，選定總體本益比與房價所得比等能衡量長期基本面價值的指標作為資產價格代理變數，探討1998Q1-2012Q2 期間，我國央行是否會透過貨幣政策回應資產價格之波動。
實證發現，我國貨幣政策反應函數無論對總體本益比或房價所得比的反應皆十分顯著，且央行對於房市和股市的回應並非完全相同。當總體本益比高於門檻值時，亦即股市可能存在泡沫時，央行會採取緊縮的貨幣政策抑制泡沫。相較於股票市場，央行對於房市的回應更為積極。當房價所得比低於門檻值時，一旦房價所得比提升，貨幣當局仍會透過逆向干預避免房市泡沫化發生。當資產價格高過門檻值、面臨泡沫化隱憂時，央行同樣採取逆向干預，但利率的調升幅度反而較小。因此，本研究結果可看出央行的確關注房市和股市的變化，有不對稱的反應行為，且對於房市和股市的回應並非完全相同。

1 前言
2 文獻回顧
2.1 央行是否該回應資產價格沫
2.2 資產價格及央行的政為
3 實證模型
3.1 貨幣政策反應函數
3.2 估計方法
4 資料敘述
4.1 房價所得比整理及編製說明
4.2 總體本益比整理及編製說明
5 實證結果與討論
6 結論
7 參考文獻
A 總體本益比數據及相關資料

1. 林淑華，2008，「我國央行貨幣政策反應函數與資產價格之實證研究」，國立清華大學經濟學系碩士論文。
2. 周建新、于鴻福、陳進財，2004，「銀行業房貸授信風險評估因素之選擇」，《中華管理評論》，7(2), pp.77-103。
3. 葉翔渝，2008，「我國貨幣政策反應函數之非對稱性」，國立清華大學經濟學系碩士論文。
4. 陳旭昇、吳聰敏，2010，「台灣貨幣政策法則之檢視」，《經濟論文》，38，pp.33–59。
5. 蔡毓芳，2001，「貨幣政策與資產價格之波動─台灣實證」，台灣大學經濟學研究所碩士論文。
6. 經濟日報，2009，「防治資產價格泡沫宜早不宜遲」，經濟日報，2009年10月8日。
7. 聯合報，2012，「央行：在意房價為銀行作風險控管」，聯合報，2012年6月22日。
8. 聯合晚報，2013，「邁向10A總裁，考驗來了(外匯)」，聯合晚報，2013年3月18日。
9. Bean, Charles, 2004, “Asset Price, Financial Instability, and Monetary Policy,”American Economic Review, 94(2), pp.14-18.
10. Bernanke, Ben, 2010, “Monetary Policy and the Housing Bubble,” a speech at the annual meeting of the American Economic Association, Atlanta, Georgia, January 3.
11. Bernanke, Ben and Mark Gertler, 2000, “Monetary Policy and Asset Price Volatility,” National Bureau of Economic ResearchWorking Paper no. 8970, pp.1-74.
12. Bernanke, Ben and Mark Gertler, 2001, “Should Central Banks Respond to Movements in Asset Price?” American Economic Review, 91(2), pp.253-257.
13. Bordo, Michael and Olivier Jeanne, 2002, “Boom-Busts in Asset Prices, Economic Instability, and Monetary Policy,” National Bureau of Economic Research Working Paper no. 8966, pp.1-38.
14. Borio, Claudio and Philip Lowe, 2002, “Asset Prices, Financial and Monetary Stability: Exploring the Nexus,” Band for International Settlements Working Paper no. 114, pp.1-39.
15. Borio, Claudio and William White , 2004, “Whither Monetary and Financial Stability? The Implications of Evolving Policy Regimes,” BIS Working Paper no. 147, pp.1-45.
16. Campbell, John and Robert Shiller, 2001, “Valuation Ratios and the Long-Run Stock Market Outlook: An Update,” National Bureau of Economic Research Working Paper no. 8221, pp.1-43.
17. Case, Karl and Robert Shiller, 2003, “Is There a Bubble in the Housing Market?,” Cowles Foundation Paper no. 1089, pp.299-362.
18. Dokko, Jane, Brian Doyle, Michael Kiley, Jinill Kim, Shane Sherlund, Jae Sim, and Skander Van den Heuvel, 2009, “Monetary Policy and the Housing Bubble,” Working papers, Finance and Economics Discussion Series, pp.1-61.
19. Dupor, Bill and Timothy Conley, 2004, “The Fed Response to Equity Prices and Inflation,” American Economic Review, 94(2), pp.24-28.
20. Goodhart, Charles, 2000, “Asset Prices and the Conduct of Monetary Policy,”Working paper, London School of Economics, pp.1-20.
21. Granger, Clive and Paul Newbold, 1974, “Spurious Regressions in Econometrics,”Journal of Econometrics no. 2, pp.111-120.
22. Hansen, Bruce, 2000, “Sample Splitting and Threshold Estimation,” Econometrica, 68(3), pp.575-603.
23. Kent, Christopher and Philip Lowe, 1997, “Asset-price Bubbles and Monetary Policy,” Reserve Bank of Australia Research Discussion Paper 9709, pp.1-26.
24. Kohn, Donald, 2006, “Monetary Policy and Asset Prices,” speech delivered at “Monetary policy: a journey from theory to practice,” a European Central Bank Colloquium held in honor of Otmar Issing, Frankfurt, Germany, March 16.
25. Kohn, Donald, 2009, “Monetary Policy and Asset Prices Revisited,” Cato Journal, 29(1), pp.31-44.
26. Loisely, Olivier, Aude Pommeretzand and Franck Portierx, 2009, “Monetary Policy and Herd Behavior in New-tech Investment,” Mimeo, Banque de France, November.
27. Mishikin, Frederic, 2008, “How Should We Respond to Asset Price Bubbles?,”a speech at the Wharton Financial Risk Roundtable, Philadelphia, Pennsylvania, May 15.
28. Nelson, Charles and Charles Plosser, 1982, “Trends and Random Walks in Macroeconmic Time Series: Some Evidence and Implications,” Journal of Monetary Economics, 10(2), pp.139-162.
29. Online Data - Robert Shiller (http://www.econ.yale.edu/ shiller/data.htm)
30. Pavasuthipaisit, Robert, 2010, “The Role of Asset Prices in Best-Practice Monetary Policy,” International Journal of Central Banking, 6(2), pp.81-115.
31. Shen, Chung Hua and David Hakes, 1995, “Monetary Policy as a Decision-Making Hierarchy: The Case of Taiwan,” Journal of Macroeconomics, 17(2), pp.357-368.